San Diego home prices up 26% in a year, key housing index says

[Zorro]

San Diego closed out 2021 with home prices up 25.9 percent in a year, near a record high.

The S&P CoreLogic Case-Shiller Indices reported Tuesday that San Diego metro had the fifth-highest price increases in the nation on an annual basis. The top markets were Phoenix, up 32.5 percent, and Tampa, up 29.4 percent.

San Diego metro, which includes all of the county, has seen big price increases before — but it has been a while since a runup in prices has lasted so long. Annual prices have increased at double-digit rates on a monthly basis since October 2020.

But nothing touched the record set in July 2004 when San Diego saw prices increase 33.4 percent in a year. The highest in 2021 was in July when the price increased 27.8 percent annually.

Nationwide prices were up 18.8 percent in a year, its highest in 34 years of data, with experts pointing to a surge in buying to end the year as mortgage rates rose. Similar to what has been reported by San Diego real estate agents, higher rates only pushed buyers to get off the fence before rates go up even more.

https://www.sandiegouniontribune.com/business/story/2022-02-22/san-diego-home-price

Ain't getting any cheaper in SoCal.

[MichMan]

1. People selling houses at these inflated prices need to be investigated for gouging

There is no justification for people profiting to this extent merely for occupying a house for several years.

Maybe house appreciation above the rate of inflation needs to be taxed at 50% or more

[Zorro]

2. It's called supply and demand

That's the way the market works.

Although I will admit that the San Diego market is reportedly the least affordable market in the entire country right now.

[MichMan]

3. I see posts here all the time stating that corps are taking advantage of people by jacking up prices

causing inflation just because they can

Gasoline, meat, home heating, car dealers, groceries and rent etc. How is it different?

[Zorro]

4. Are homeowners corporations?

Are you saying homeowners who may have lived in their homes for years should not profit from the sale of their homes? Should a home's sale price be the original purchase price times the rate of inflation?